Sensex and Nifty rise in early trade amid global market rally

07 October,2024 12:17 PM IST |  Mumbai  |  mid-day online correspondent

Equity benchmark indices rebounded in early trade on Monday after tumbling in the previous week amid a rally in global markets, along with buying in index majors ITC and ICICI Bank

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Indian equities benchmark indices rose in early trade on Monday after falling the previous week, boosted by a resurgence in global markets and purchasing activity in large businesses such as ITC and ICICI Bank. The BSE Sensex advanced by 292.29 points, or 0.36 per cent, to 81,980.74. Meanwhile, the NSE Nifty rose by 54.55 points, or 0.22 per cent, to 25,069.15, reported PTI.

Among the 30 Sensex companies, big gainers were ITC, Kotak Mahindra Bank, HCL Technologies, Infosys, ICICI Bank, Tata Consultancy Services, and Bharti Airtel. Titan, Adani Ports, NTPC, Power Grid, and HDFC Bank all had drops.

Asian markets, including Tokyo, Shanghai, Hong Kong, and Seoul, also rose on Monday, while US markets closed positively on Friday.

FIIs sold equities worth Rs 9,896.95 crore on Friday, while DIIs bought equities worth Rs 8,905.08 crore, the news agency report stated.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, global stock markets have remained resilient in the face of growing Middle Eastern tensions. He cited the solid US economy and robust September job data as favourable reasons for equities markets, combined with falling inflation.

"Globally stock markets have been resilient despite the escalating tensions in the Middle East. A big positive for equity markets is the strong US economy where the September non-farm job numbers have come surprisingly robust," he told PTI.

Brent crude, the global oil standard, lost 0.44 per cent to USD 77.71 per barrel.

Last Friday, the BSE Sensex lost 808.65 points, or 0.98 per cent, to a three-week low of 81,688.45, while the NSE Nifty sank 235.50 points, or 0.93 per cent, to 25,014.60. Over the previous week, the Sensex fell by 3,883.4 points, or 4.53 per cent, while the Nifty fell by 1,164.35 points or 4.44 per cent, reported PTI.

Meanwhile, market experts expect Indian markets to continue bullish this week, but geopolitical concerns and the earnings season, which begins this week, may have an impact on market performance.

Ajay Bagga, a banking and market expert, told ANI, "We are expecting better Indian markets this week, with a contingent condition that the Middle East conflict does not expand further. Earnings start later in the week, and hopefully markets will have to contend with analysing economic news breaks rather than the burgeoning geopolitical risk that has become standard fare since the Oct 7th, 2023 attack on innocent civilians."

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